Many small and medium-sized businesses use varying basis of accounting depending on their financial reporting requirements. For companies preparing their financial statements in accordance with Generally Accepted Accounting Principles (GAAP), recognizing revenue could become a more co
Which is best for YOUR company? How does your business maintain your financials? Under the Tax Cuts and Jobs Act, taxpayers are eligible to select their accounting method according to the new limits in tax years beginning after December 31, 2017. Taxpayers which have an average annual
Did you realize that some companies actually utilize two sets of books? Companies often have a set of books for income taxes and one to comply with Generally Accepted Accounting Principles (GAAP). There are numerous differences that exist between accounting for income taxes and GAAP.
De Minimis Safe Harbor Limit For tax years beginning on January 1, 2016 or later, the IRS has increased the de minimis safe harbor threshold for expensing from $500 to $2,500 per invoice or item for taxpayers without applicable financial statements. This limitation is for purposes for
GAAP(Generally Accepted Accounting Principles) Net Income is Great, But How are My Company’s Cash Flows? Chances are your business will utilize the Income Statement and Balance Sheet when analyzing its annual, semi-annual, quarterly, and monthly results. However, the Statement o